MN HF2316

Permits a specific eligible person (born November 18, 1946, elected as Hennepin County commissioner in November 1978 and sworn in January 2, 1979) to purchase service credit in PERA's general employees retirement plan coordinated program for prior county elected service.

Eligible person may apply to PERA's executive director to purchase service credit by submitting a written application with required documentation.

Service credit purchase payment is calculated under Minnesota Statutes section 356.551 and is offset first by transferring the eligible person's account balance from PERA's defined contribution plan, with any remaining balance payable from other specified sources.

If PERA's interest rate or mortality actuarial assumptions are modified before July 1, 2018 and increase the plan's liability, the eligible person must reimburse the retirement fund for the increased reserve amount within 30 days of certification.

Authority to purchase service credit expires on December 31, 2015, or upon termination of service as a Hennepin County commissioner, whichever occurs first; effective the day following final enactment.